The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-05-21
SILVER TO BE LISTED.
WALL STREET EXPECTS TO SPECU-
LATE IN CERTIFICATES.

tional Bank to be Registrar Of Tons
Of Bullion-Henry Clews Gives His
Ideas and Other Financiers Agree.
| Wall street is agitated, says the New York
! Star, by new sensation. A scheme is on
| foot TO make New York the silver centre of
the universe, and it seems capable of fulfill
msnt. An organization which comprises
some of the biggest capitalists on the street
| is now being effected, which proposes TO
| trade in silver bullion certificates, after the
manner that prevails in cotton and grain GER
tificates The plan of operations is to have
silver bullion deposited in tremendous
| quantities at some responsible money centre
| TO issue certificates against the bullion so
| placed and TO trade upon these certificates
as stock and grain certificates are traded
| upon both here and in Chicago. If the
| scheme is carried through the control of the
| silver market viii be- wTeSted from London,
and New York viii be made the head centre
! of silver bullion trade.
! The Western National Bank, of which ex-
1 Secretary of the Treasury Manning is the
| head, is to be the depository of this huge
| aggregation of silver, and from the brains
| Of ex-Treasurer Jordan and ex-Superinten-
dent of Insurance John A Mccall, both
| officers of the new institution, the scheme is
/ SAID TO nave eInanated.
The idea has impressed Wall street favor
| ably. The majority of its magnates heart
| lily indorse the proposition, and think that
| the project is bound to prove success
| The first step necessary to the sue
/ cess of the enterprise is the cooperation
of the governors of the Stock Exchange,
| so as to secure the listing of the pro-
| posed silver certificates That is looked
| upon as certain OF accomplishment Then
! craa<ssvlatfpu of cilx-ay- -sril
nounced feature in Stock Exchange transac-
| tons, almost as much as the trading in gold
| overtOpped all other species of speculation
| i'll the days when greenback did not bring
the amount its face called for Many san
| guine brokers see in the distance the posi-
| billty of a silver room, as there was once
/ a gold room, in which silver trading viii be
| the predominant feature of the market, as
| trading in India Council bills is the CON
| trolling force in London.
Chief among the magnates of Wall street,
| broad minded and wonderfully gifted in his
powers of perception, is Henry Clews. He
| has been identified in some manner or other
with all Of the beneticent projects that ever
| emanated from Wall street. He is ever in
advance of the times and the first to see in
any great movement what is likely to prove
| public benefit or disaster. He has, more
| ever, the courage of his convictions, and
never hesitates TO express them. The silver
bullion scheme he regards as extremely feast
bic and one which, when put in active OPP
| GRAFTON, will prove of decided benefit
THE New York Stock Exchange said
he to a Star reporter yesterday, 'can ac-
| commodate such pro eCt and heartily well
come it. 1t is an excellent scheme. No Sc
| curities that | know of will be safer to deal
in than silver certificates. There viii be
fluctuations of course, in the value of sill
| yer, else there could be no speculation; but
value Why, do you ask? Simply because
the demand for silver will be greater
than at present 1t will be a new and
| comparatively safe. method of speculation
and people Will want it, Silver is about the
most substantial investment a man can
make. 1t cannot depreciate to any great
extent for as its quantity remains I'M
changed its value cannot be greatly inn
paired as in stocks, for instance. The very
best stock changes greatlyiin value from a
variety of causes, such as decrease in
monthly receipts and the like, but the silver
is all there, and remains more like con-
slant quantity
but is there not danger Of, a corner in sill
yer and consequent abnormal rise and de-
crease reduction in value such as occurred a
few years ago in wheatF G.l ,
| mo-" answered the magnate quickly,
''silver is not a product that can be CON
suIned like wheat, corn and cotton. The
fact that these last named products are re-
quired by man for his immediate wants
renders it possible for scheming men to get
control of all the obtainable supply, and
thus corner the market. Silver is a differ
ent kind Of commodity. You do not CON
sumo it, and it is only used in the arts to a
limited extent and as q medium of exchange.
Hence II is beyond the power of few men
to raise or depress its price to any appfcci-
able degree.
| ttNos{la, Is tl,aro o,,,, lo,o.o,. y !
Mr.. Clews, ''of possible parallel with the
famous jump in gold in the Gold Room
some fifteen years ago. Then paper money
was not worth l00c on the dollar, and there
was natural boarding of gold. 1t was
scarce in the market, and hence the task of
: running up the price easy. The conditions
are changed now, and such a thing could
not occur.
with silver in our Stock Exchange. the
power of the few bullionists in London who
control the market will be taken away II
will then become prominent feature of the
market. If dealt with in the way proposed
and its price regulated on its merits, the de
mand for silver certificates will be greatly
enhanced, and they will be bought as an in
vestment, the same as stocks, bonds and
other securities, by people who never before
bad silver in their possession, excepting III
small quantities, such as daily expenditures
, call for. That, as any intelligent observer
. can see, VIII prove decided benefit. Sill
'ver, forming part of our circulating me-
, dunn, has, by its depreciation, impaired
confidence in it as money. Under the new
, order of things its appreciation when coined
/ into money naturally follows.
, THE fruition of the scheme proposed will
do more than | have outlined here 1t will
take away the control of silver from Lon
don, which has always been its headauar-
tiers, and will in time force an international
system of coinage for the world. This, OF
, course, would rebound immensely to our adj
, vantage as silver is one of our largest an
nual products, and the higher the price OBJ
tainable for it the greater win it be to the
, advantage of the country.
Another beneficial effect of such a plan
, is that it would prevent silver, by the fact of
its increased use and value, from being
, monopolized by the arts. Nickel plate and
kindred metal would then be called into
requisition by people who want articles OF
luxury
Mr.. j. b. Colgate, the famous silver
specialist, corroborates the opinion Of Mr..
Clews in the main. He thinks tits. possible
that the evil of ''corneringn might arise. but
that the contingency is exceedingly remote.
The issuance of silver certificates would
greatly facilitate speculation, he said, and
he was confident it would prove a decided